South Africa’s president Cyril Ramaphosa on Tuesday accepted the resignation of embattled finance minister Nhlanhla Nene, who has been embroiled in a scandal over undisclosed meetings he held between 2010 and 2013 with the controversial Gupta brothers

“After due considerations of the circumstances… I have decided to accept his resignation,” the president said during a news conference.

Mr Nene admitted last Friday for not being truthful about his meetings with the Gupta family, who are accused of using their friendship with former President Jacob Zuma to obtain government contracts.

President Cyril Ramaphosa has appointed Tito Mboweni as the country’s new finance minister.

Mr Mboweni, who is the former central bank governor, was sworn in during a press conference on Tuesday in Cape Town.

#Ramaphosa – appoints Tito Mboweni as new finance minister. "I have accepted #NhlanhlaNene resignation as Minister of Finance. He defended the cause of proper clean governance. It is a measure of his character that he had taken this decision . He made an error of judgement."

The announcement, which is being televised from Tuynhuys in Cape Town, follows days of speculation on Nene’s future after he admitted at the state capture inquiry that he had met with members of the Gupta family on a number of occasions.

Earlier on Tuesday, the DA said it had asked Public Protector Busisiwe Mkhwebane to investigate the finance minister over an alleged breach of ethics relating to allegations about a Public Investment Corporation investment in S&S Refinarias which may have benefited the minister’s son, Siyabonga Nene, to the tune of more than R25 million.